The San Carlos Real Estate Week in Review: 03/24/25
March 24, 2025
The Recap:
If you look at the statistics on sold homes this past week in San Carlos, you'd have no idea that the stock market has been tumbling downward for the past two months. All four sales that closed last week had 6-figure upsides from their asking price, suggesting that the market is still very competitive, and that multiple offers are still abundant.
The listing activity so far in the first quarter has been brisk. With a full week still left to go in March, the number of new single-family listings in San Carlos is already 18% higher than the entire first quarter of last year. That's great progress toward building more inventory for buyers, even though there's still only 16 homes currently for sale as we start the new week.
I have a stunning mid-century modern home with a splash of contemporary finishes heading to market this week. If you love breathtaking views of the San Francisco Bay, there are very few better than this view in San Carlos. Stay tuned to the blog later this week for more details.
Here's what happened last week:
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At A Glance
This is a high-level view of the market performance for single-family residences (SFR's) in San Carlos. This data is for the 7 days ending Sunday 03/23/2025:| San Carlos SFR Data | 03/23/25 | Previous Week |
|---|---|---|
| Number of Closed Sales: | 4 | 7 |
| Average Sold Price: | $2,332,000 | $3,181,571 |
| Median Sold Price: | $2,544,000 | $2,640,000 |
| Average % Sold vs Orig List Price: | 114% | 110% |
| Average Days Listed of Closed Sales | 10 | 9 |
| Average $/Sq Foot (Sold) | $1,693 | $1,705 |
| Listings Put Under Contract: | 4 | 6 |
| Total Homes Under Contract: | 15 | 15 |
| New Listings: | 6 | 7 |
| Total Active Listings: | 16 | 16 |
| Average Price of Active Listings: | $3,486,743 | $3,524,806 |
| Median Price of Active Listings: | $3,273,000 | $3,273,000 |
| Average Days of Active Listings: | 16 | 18 |
| Average $/Sq Foot (List) | $1,258 | $1,282 |
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San Carlos Single-Family Homes Sold
Below is a list of the single-family home contracts that closed escrow this past week in San Carlos. Click on the address of each home to see more details and photos:| Address | Sold Price | Orig. List | Over/Under List | $/sq foot | Days Listed |
|---|---|---|---|---|---|
| 1182 Walnut Street | $2,588,000 | $2,399,000 | +$189,000 (+7.9%) | $1,522 | 9 |
| 409 Sycamore Street | $2,600,000 | $2,499,000 | +$101,000 (+4.0%) | $1,605 | 19 |
| 15 Cambridge Street | $2,500,000 | $1,995,000 | +$505,000 (+25.3%) | $1,645 | 8 |
| 1039 Inverness Drive | $1,640,000 | $1,388,000 | +$252,000 (+18.2%) | $2,000 | 5 |
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San Carlos Single-Family Homes Pending Sale
The following single-family homes were put into contract in San Carlos last week. Click on the address of each home to see more details and photos:| Address | List Price | Days Listed |
|---|---|---|
| 213 Garnet Avenue | $2,488,000 | 11 |
| 105 Brook Street | $2,495,000 | 11 |
| 1101 Elm Street | $1,898,000 | 7 |
| 913 Heather Drive | $2,188,000 | 7 |
*Designates that the home was either listed or sold off of the public-facing MLS.
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New San Carlos Single-Family Home Listings
Below are the new listings that hit the MLS this past week in San Carlos. Click on the address of each home to see more details and photos:| Address | List Price | BR/BA | Sq Ft (home/lot) | $/Square Foot | Listed By |
|---|---|---|---|---|---|
| 5 Maple Way | $3,495,000 | 5BR/4BA | 2,820/5,001 | $1,239 | Terrace |
| 701 Sunset Drive | $2,748,000 | 4BR/3BA | 2,169/7,384 | $1,266 | Christies |
| 210 Sycamore Street | $2,498,000 | 3BR/2BA | 1,815/7,875 | $1,376 | Christies |
| 156 Arundel Road | $2,098,000 | 3BR/2BA | 1,400/10,719 | $1,499 | Christies |
| 25 Sunnydale Avenue | $2,498,000 | 3BR/2.5BA | 1,930/5,000 | $1,294 | KW/CB |
| 247 Fairmont Avenue | $2,098,000 | 3BR/2BA | 1,440/4,403 | $1,456 | Coldwell Banker |
- Disclaimer: The “San Carlos Week in Review” series is a summary of new listings and home sales in San Carlos for the prior week. The data provided in this report is strictly for informational purposes only, and should not imply that the author was involved in either side of the transaction unless explicitly stated otherwise. The source of this data is the Multiple Listing Service (MLS), so the author is in no way responsible for the accuracy of the data from this source.
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I would think that the reason homes are selling for more than asking has more to do with realtors severely underpricing them out of the gate. This is done to entice a bidding was and to pad their stats so that they can sell themselves based on how much they usually get over asking. The Mercury News had a great article on this practice last week.
Thanks for your comment, and I did read the same article. What you failed to mention is the final paragraph which stated “But many agents say that the underpricing strategy is so entrenched here in the Bay Area that it’s impossible to change. Because it’s been done like this for so long, if we list a home at a transparent price, it just sits there because buyers think it’s going to go over,” said Norah Brower, an agent based in Oakland. “In other parts of the country, you list it at a particular price, and it usually goes for that price or under. It just doesn’t work that way here.” That is why it happens here, not because agents want to puff their chests and tell you how much over an arbitrary list price they got. I certainly don’t do that — I couldn’t tell you if I had 100 guesses how much above or below the list price on average that my listings fetch, and I certainly wouldn’t publish it if I did. But that last quote tells you exactly why it happens here. If I have a house that’s probably valued at $2.5M, and I list it $2.5M, it will probably sit because the buying public thinks the seller wants $2.8M, which is not a correct assumption. So we are forced to work within the customary practice of buyers in what has been a seller’s market for as long as I have been in the business. I’m not saying that some agents don’t purposely crater the listing price — some do — but by and large, we price houses here based on the way business has been done for decades.